According to SFAC 5, the four criteria that must be met for an item to be recognized in the basic financial statements are\ Multiple select question.\ \ the item can be valued at fair value.\ \ the item has relevant attributes that are measurable.\ \ The item meets the definition of an element.\ \ the item can be matched with associated revenues.\ \ the information about the item is reliable.\ \ the information about the item is relevant to decision making.